Queensland Investment Corporation (QIC) one of Australia’s largest investment managers, has acquired additional interest in 10 US regional malls from joint venture partner Forest City Enterprises, on behalf of its client.
The malls portfolio, that is valued at about $3.175 billion, includes The Shops at Northfield Stapleton in Denver, Colorado; Westchester’s Ridge Hill in Yonkers, New York and The Shops at Wiregrass in Tampa, Florida.
QIC offers infrastructure, real estate, private equity, liquid strategies and multi-asset investments and manages fund worth A$82 billion ($62.9 billion).
The deal also expands QIC’s operational presence in the U.S. and includes transferring the FCE retail operating platform in relation to the malls and key retail personnel to QIC.
“QIC and Forest City have been in a very successful joint venture since 2013, and we are pleased to have reached this milestone,” said Steve Leigh, Managing Director of Global Real Estate for QIC.
“We see the QIC GRE U.S. platform expanding to become as large and successful as the Australian platform across time,” Leigh adds.
The transaction will be completed in two tranches with the transfer of interests in the first six malls expected to complete by the end of the year.